Everyone’s buzzing about Canada’s hot real estate scene, which has been going strong for over a year now. Month after month, different housing stats keep smashing records in cities all across the country. Smaller suburbs especially have seen prices shoot up and sales jump by double digits. Cambridge real estate has really caught attention lately as a popular spot for folks wanting to leave the city behind for more space, bigger homes, and cheaper prices.
Cambridge sits in southwestern Ontario and is part of the tri-city area along with Waterloo and Kitchener. It’s a medium-sized city with that cozy small-town vibe. Besides its history with music and performing arts, it’s great for families or retirees. Quiet, charming, and right by the Grand River, Cambridge offers tons of outdoor fun plus all the conveniences you’d need.
So how did Cambridge’s housing market hold up during this crazy busy year? Here’s a look at some of the numbers making waves in this local market:
Homes Flying Off the Market in Cambridge
Properties in Cambridge have been selling super fast these past few months. In April 2021 alone, REALTORS® using the MLS System reported 386 homes sold – that’s more than twice as many as the same month last year – beating April 2020 by an incredible 181.8%. That number sets a new record for home sales in April.
This amazing performance was just icing on what had already been a strong start to 2021. “The spring market is off to a roaring start in our region,” said John Teixeira, President of the Cambridge Association of REALTORS®. “MLS® home sales set a new April record by a wide margin and posted the second-highest single month total ever, surpassed only by the all-time record set just the month before.”
The high sales volume doesn’t mean prices are low though. Usually when lots of homes sell quickly you might expect deals or bargains but not here – average home prices jumped 37.7% compared to April last year. The MLS Home Price Index composite benchmark hit an eye-popping $739,900 at month-end – way above Canada’s average price. That pushed total dollar value of sales to $296.9 million in April alone; more than double what it was last year.
With so many buyers snapping things up around Cambridge, it was important to get new homes listed to keep things balanced-and that happened too! Compared with April 2020, new listings more than doubled with a huge increase of 134.6% year-over-year-setting another record for most new listings ever recorded in any April here. John Teixeira credits this rise in listings for cooling down an otherwise blazing hot market: “New listings outnumbered sales for the fourth month in a row, helping to lift overall inventory from its recent bottom. Although active listings haven’t been this low in the month of April in more than three decades, the number of available properties at the end of April 2021 was still more than double the levels seen only a few months ago. The increased number of available listings has helped ease market conditions and has, in turn, slightly eased upward price pressure.”
What Lies Ahead for Cambridge Real Estate?
As spring winds down and summer gets underway, expect demand around Cambridge to stay red-hot pretty much through those warmer months too. People will be reminded why having more green space nearby is such an attractive perk-which should keep drawing city folks looking for rural living options right into this community.
The Canadian Real Estate Association (CREA) predicts that activity will stay strong nationwide throughout 2021 while prices continue climbing everywhere-including smaller markets like Cambridge Ontario specifically. We can probably count on seeing even more record-breaking numbers when it comes to pricing trends as well as total dollars sold and units moved throughout this year ahead too! Low interest rates combined with remote work setups and ongoing desire for bigger spaces mean demand won’t be slowing down anytime soon-even once COVID concerns fade away.
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